Annual Meetings

OVERVIEW

 

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The impact of the COVID-19 pandemic and other shocks has led to severe financing pressures on Emerging Markets and Developing Economies (EMDEs), necessitating emergency measures that galvanized a coordinated global response. Sub-Saharan Africa has been particularly affected. The average[KVK2] debt to GDP ratio in sub-Saharan Africa has almost doubled — from 30% at the end of 2013 to almost 60% by the end of 2022. The cost of servicing this debt has also increased with the ratio of interest payments to revenue more than doubling since the early 2010s, heightening debt sustainability concerns. And as of November 2023, the IMF/World Bank identified 13 African countries at high risk of debt distress with 7 already in debt distress. As a result, access to financial markets for many African countries, has become more difficult, exacerbated by a higher interest rate environment than in the previous decade. To discuss these issues, the IMF (Legal Department) and the African Legal Support Facility (ALSF) are hosting a panel discussion titled ‘Navigating the New Normal in African Debt Management’ on Tuesday, April 16 from 9-9:50am. The event will bring together experts from the IMF, ALSF, private sector and government to take stock of sovereign debt in Africa, particularly since the pandemic. A highlight of the event will be the launch of the ALSF’s handbook, ‘Understanding Sovereign Debt – Options and Opportunities for Africa’ 2nd Edition. The free handbook assesses the lexicon and narrative in public debt management and aligns it with the current realities faced by debt managers and policymakers. It also examines the actors filling the gap in financing.

AGENDA

 

9-9:05 Introduction 

Ceyla Pazarbasioglu, Director of the Strategy, Policy, and Review Department – (5 min)

9:05-9:45 Panel Discussion 

Navigating the New Normal in African Debt Management (40 min. total; 5 min per response, two rounds)

Nicole Kearse – Head of Sovereign Finance, ALSF (co-author) – Moderator, Panelist Yan Liu – Deputy General Counsel, IMF Legal Department Japhet Justine – Commissioner for Sovereign Debt Management, Ministry of Finance and Planning, Tanzania Ian Clark – Partner, White & Case LLP( co-author)

9:45-9:55 Closing Remarks

Olivier Pognon, ALSF Director – (5 min)

PHOTOS